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of the president of the united states. >> the office of president of the united states. >> now today, president obama will attend his public inauguration in washington. the reason why that ceremony happened yesterday is the president that's be sworn in by i think it's noon on the 20th. that was the private sayre mope. the private one takes place today. as many as 800,000 people are expected to attend the swearing-in in washington. the president will repeat his swearing in and give the traditional speech. if you're wondering how markets have done since president obama took office, 10 5/% return for the nasdaq, 65% for the dow. we're not necessarily attributing this to president obama himself, but you can look at how oil markets have traded over the last four years. the recovery from the credit crisis had pretty much most to do with the trends that we're seeing here. present adding almost 60%. nymex adding 34%. allen, you know, the point of these charts is during, i guess, more normal times which we know don't influence markets in any material way anyhow. president obama came into office when we
. that will, by the way, improve strained to say the least relations with the united states and the allies. but i don't think netanyahu's tough positions either on iran, on future air strikes in gaza, for instance, will change hardline positions as galling as they are for the western community. they do resonate with israelis. that's why he won the election. >> okay. we'll leave it there. jim maceda from tel aviv. thank you very much. >>> stick around. straight after this, we'll bring you u.k. unemployment data and the bank upon england's minutes for its january policy meeting. we'll have plenty of reaction and analysis. we'll be right back. >>> you're watching cnbc's "worldwide exchange" from the world economic forum in davos. i'm ross westgate. >> i'm kelly evans in london. here are your headlines -- prime minister david cameron pledges a referendum on the e.u. if he wins the next election but says it should not be seen as a signal that britain necessarily wants out. >> i never want us to pull up the drawbridge and retreat from the world. i am not a british isolationist, but i do want a b
in the united states at the top of the cycle. they've already written down the value of those. so significant write-downs coming through from rio tinto has now claimed the scalp of this ceo. it's a stand-alone story. bhp writing down a number of its assets it bought at times that were curiously at the top of the cycle. >> where does this leave the sector? we know going back to 2007, rio was looking at alcon to fend off an acquisition by bhp. obviously, market conditions had changed. where is the landscape today? what is the sentiment about some of these major mining companies today and whether there will be further consolidation? >> yeah, well, the price of that that you talked about never got off the ground. not only did it knock off the ground because both parties couldn't agree on a price, but the significant hurdles, the government probably wouldn't allow a tie-up between two of the biggest miners in the country. it's looking not too bad right now. we've had the iron ore price jump up to levels that we haven't seen in more than 12 months. but rio is out with production numbers earlier on
.7% today after the hong kong unit issued a property warning. shares of f&n pulled back after they competed with a rival bid finally bringing the curtains down on that five-month takeover battle. the stock had rallied over 16% since last september. meanwhile, south korea's kospi gained .5%. australia's asx 200 finished flat. miners finished higher. back to you, kelly. >> okay. sixuan, following the developments for us across asia, thank you so much for that. as we turn to the session, you can see for the most part red behind me. about nine to one outpacing advancers. the stoxx europe 600, down 0.6%. the dax in particular is down by 11.25%. it's a big move for germany and it's led in part by what's happening in deutsche bank with those shares down more than 3%. we're seeing pressure on the ibex and the cac down .8%. the ftse is down by .4%. i want to mention one name in particular here. and that's megette. it makes the charger for the batteries on boeing dreamliner 787. it is working with u.s. officials as that investigation continues, but it is one of their arizona-based subsidiaries. those
in the united states has been a really -- having an impact here in china, especially on the manufacturing sector. but that particular month, of course, of december looks as though it was looking relatively decent. we saw the u.s. shipments looking strong, very strong, in fact. and a turn around also in europe. now, the big question that people are asking for china is just how sustainable this is going to be. will the manufacturers still be able to pump out a lot of these goods? is there going to be worldwide demand? so far from what we're hearing from factories, there is a bit of concern because a lot of those orders, as they had come in in december, were short-term. they weren't these longer term shipments, orders that would be something a little bit more reliable. so initial response, probably something that we're going to have to wait and see how sustainable this pick up is. >> yeah. well, sustainability is going to be the watch. thanks for that. good to see you there in singapore and joining us for the first hour today of "worldwide exchange," david bloom from hsbc. just how sustainable do y
or the united states. >> let's talk about austerity. austerity when you're part of a single currency, if you're in the uk and you're looking at austerity, you can let your currency weaken, you can control central bank money. can't really do that in europe. and the imf has admitted the multiply they got totally wrong in countries with bailouts. >> yeah. i think that's the tough part of having a common currency in variable states. i'd love to see the euro be weaker because then it would drive our exports and we would get economic growth. but cutting expenditure and trying to stimulate the economy through reform. >> what's expenditure? in the uk, we have investment spending, which is cutting off your nose to spite your face. >> the problem is, of course, you have a monetary union, but you don't have a financial union yet. that means on the financial side, on the fiscal side, on the economic side, you're going to have to do those reforms at home. no one else can help you. >> are we going to have full monetary union at some point? is that the future? is that where we're going or not? >> i think i
% stake in its commercial vehicle unit. meanwhile, shares in hong kong gained a modest 0.4%. but china's costco's h share split about 5% after after the shipping giant warned a second straight year of significant loss due to freight rates. the kospi extended it's four-day losing streak. automakers dragged tin decks low. australia's asx 200 is out for a public holiday. india's sensex is currently trading along the flat line. now back to you, kelly. >> thank you for that. we want to turn our attention to asia. jonathan stubb joins me now. good morning. >> good morning. >> you've got the pullover look going, the zip up look. i like it. i just want to talk a little bit about equities broadly. is one of the real questions coming into this year after the run up we've seen in european stocks this year, how much further can we go here? >> looking in the medium term of the next two years, we're looking at 25% to 30% returns which sounds like a lot. base odd assumptions of modest earnings. the medium outlook looks good for markets. we are cautioned about running very aggressively with this swiss
for the united states. bruno, thanks for that. i suppose if they don't agree on the debt ceiling, they'll get a big kick in of austerity. >> yes. good morning. well, i think that's for sure. it might draw the attention a bit away from europe, however, because it's becoming clear to the investors that u.s. might have a big political problem and, of course, a huge debt problem that they need to solve, as well. so far, they have taken a strategy of growing themselves out of it, which has not really worked, but now i think they will need to save a bit, increase taxes, but now it's clearly showing that their budget can be taken under control, as well. because if not, i think the market is going to punish them, either with a credit downgrade or with higher yields. and that seems to be the trend for 2013. that's higher yields are almost a given. >> sorry. people are going to stop buying u.s. treasuries. what had are they going the buy instead? >> well, i would like an acronym on that one. it's call tiana. there is an alternative and the alternative would be equity. what we've seen is there's a rotat
. hyundai and kia are looking to sell 4.3 million units this year when their 012 grew 8%. so they certainly have some work cut out for them this year. >> thanks for that. marine while, the currencies in europe are adding to the down beat mood. in italy, down to a 3 the-year low in 2012. the picture in france similarly poised with new car registration slumping by 14%. this comes as a report from ernst & young talking about a new lost decade with rising unemployment and stag nating growth. tom, thanks for joining us. it's not going to get knit better? >> no, i'm afraid 2013, at least from an economic point of view isn't going to get much better than 2012. unemployment is still very high and rising. there's a lot of uncertainty about the eurozone and how that will fare in 2013. also, there's a lot of fiscal policy, fiscal cuts to come to 2013, as well. >> still in portugal, they're raising taxes again. >> exactly. that's going to weigh on businesses, appetite to invest and to get out there and spend. on a positive note, 2012 did see quite a lot of radical policy action to keep intact. as long
of lower corporate investment with weak demand and uncertainty coming from out of the united states. it looks like the central bank wanted to have more room for policy action down the road. easing inflationary pressure is another factor here that has a cut in the fist half of this year. the bank of korea cut the annual inflation forecast for 2013 from 2.7 down to 2.5%. but there were some market observers who thought a sharp fall in the yen and the sharp rise in the korean won would by the way close at a 17-month high could lead to a cut this time for faster growth, especially among exporters here. but the government says that the impasse of rates on corporate earnings appears to be smaller than in the past. he says there are more exporters that are not compete, pricing any more like a tech phase here in korea. ross, back to you. >> all right, chery, thanks for that. >>> if you're looking for a stimulus story, the big news came from the japanese side from prime minister shenzo abe. let's get more on that. >> hi, ross. the japanese government has approved a new emergency economic sti
will have problems trading derivatives in the united states. >> charlie, any thoughts here? >> you know, it's part of this broad regulatory framework being put in place. and it's what banks all over the world are having to contend with. the problem is is that it -- it stops activity, and it stops banks doing what they're supposed to do which is effectively providing the liquidity and lubrication if you like to keep the economy going and to get economic activity on the horizon. so they're busy focusing on regulation rather than doing what they're supposed to do which is linked. >> this goes to the point that we've made with guests which is how do you push forward on regulation at a time when it means undermining growth. and unfortunately there's not a great answer. it just means that the bank lobby, for example, whether in the u.s. or other countries, is able to say and to have considerable success in saying, look, if you push forward, you're going to be shooting yourself in the foot. >> yeah. we've seen that already. that's why the easing of regulations and capital requirements to go with t
's had in the united states. we've seen the way the equity market in the united states is responding to a housing recovery there. i think that's another dynamic reinforcing danny's point about what the rerating of the domestic related stocks in the uk conservative services should be if we see signs coming through that side. >> your high class research house and that's what you're -- >> my -- would be flatted. i was classified as highly regarded as -- >> thanks for that. chris, stick around. daniel, thank you for joining us. let's remind you of where we are ahead of the employment report, european stocks having a bit of a 35us. well, we had a pause yesterday for germany and france. germany, down about .1%. the cac 40 down around .25% and the ibex is up around .25%. >>> japan's shinzo abe is continuing to put the pressure on the bank of japan. abe is insisting the bank of japan hits the 2% inflation target through aggressive monetary easing. a top government spokesman says the next bank of japan chief might be a bureau accurate, but must above all share the prime minister's views. tt i
and others committed to some day doing the kinds of physical transfers of banking units they need. and there has been some real progress even off that cleanup. but none of that is going to offset the unemployment numbers, barred from that the lack of investment, the constraint on demand from the austerity programs, the feedback in europe. so, again, it is real progress, but that's not going translate to growth anytime soon. >> when you say not going to translate into growth, what is the outlook? >> to me, what i've been saying for a few months is that europe's past is bounded from below and from above. we've ruled out the worst of the crisis, thank god. but the austerity, unemployment and continued downward wage pressures put a tight ceiling on growth. so germany is growing less than 11%. france is toying with recession. spain and italy are going to be in actual recession and i think the imf's latest update is much closer to reality. i still think they -- the only upside surprise i can see happening is spain. but given the unemployment, it's only temporary. >> that's europe. now,
business in the united states. as you point out, price pressure in europe. having said that, actually we are less exposed to price pressure in europe than our competition due to the value and the differentiation of our product portfolio. >> all right. that's the ceo. carolyn's with us from zurich. what do the markets make of what they've heard? >> actually, roche shares are underperforming this morning, ross. they're down by 1.3%. and the fact of the matter is earning were really solid. no major surprises. but the stock has had a really, really good run since the beginning of the year. even since november up by around 20%. profit-taking is really the name of the game this morning, ross. let me just remind you of the key takeaways. roche slightly beating on the top line with full-year sales coming in at 45.5 billion swiss francs, an increase of 7%. core eps per share were higher by 11%. around 13.62. again, in line with expectations. the company proposed an 8% dividend increase which was more than some people had expected. and it even pointed to further dividend increases in 2013. that's
the persistent housing shortage. he said more land would be allowed for development and that 67,000 private units are slated to come on to the market in the next three to four years. joining us from hong kong, andrew yun g, chairman of international consultants. what's your assessment of the problem with chinese property? and how -- are they right to try these measures? >> i think that hong kong is now in the depth of a lot of contradictions, that being from premier wen jiabao earlier on. the housing shortage and also the -- the division of the society to the rich and the poor and those without properties and those with as well as big businesses against small businesses against ordinary people. and between the hong kong belongers and also people from the mainland. there are a lot of contradictions for them to deal with. i think the orders problems, housing shortage, in fact, feeds into a lot of social discontent as people struggle to keep up with rising prices. and this is because over the past decades, land supply has been restricted. a lot of the sites are not fully utilized. what they're tryin
've already incurred. if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. >> nbc's steve handelsman has been following the latest developments out of washington. >> reporter: the democrats and republicans up here on capitol hill, the president down at the white house, all know this may have been a magic moment. as tough as it looked, as awful as it looked to many in the u.s. and overseas, this might be the most cooperation we see on any taxes and spending dispute, at least in the next few months. just getting this far has been a long journey. president obama, who incidentally speaking of journeys came back here to washington for this fight and is already headed back to where he was which is a family vacation in hawaii. he campaigned for the better part of a year, won the presidency, promising tax hikes on individuals making $200,000 a year and more, and settled for double that, $400,000. congressional republicans have held the line for two decades on tax increases, yet a majority
unit and chemicals arm, together they will enjoy $13 billion in new investments and to boost production and the $6 billion will be used in r&d. a big chunk of it will be going into research, advanced technologies, smartphone software, high definition and smart tv products and total lg group investments in 2013 will be about 19% higher compared to 20 st 12. back to you. >> okay, rhea, thanks for that. meanwhile in europe, air france klm is working on taking a controlling stake in air italian. the air alitilii shares have jumped after the report. italy's newspaper says air france is offering a 20% premium on the price that is agreed to pay. investors have declined to rule out the report. the chairman of roach says he's walking away because of an unrealistic asking price. it's the second time roche has given up on illumina. >>> and it was a 2013 fiesta for ticket holders across five regions of spain last night. the nation's annual epiphany lottery dropped $8 million. 20 years and compared. there's a 20% tax and earnings above 2,500 euros, applicable for the first time. >>> and the ecb repo
. the united states government made whole wall street's clients. they claim it violates the fifth amendment. well, i am not sure about the fifth amendment, whether we've -- but as a principal, bob, when the shareholders take the risk -- >> they take the hit if things go wrong. and a company goes into loss or is at the point of bankruptcy, the shareholders are the first people to take the hit. i suppose an issue that might be at debate here is what price the taxpayers paid for taking over the company compared to what its value was. one question. and the second question is, was it necessary for u.s. taxpayers to bail out in whole all the critters of aig? some of the big investment banks who had counter party relationships with aig. or the issue of whether aig shareholders, the past ones, not the same ones now, should be compensated for what happened? i suppose the court can decide. >> it's a bit strange thing. aig said thank you so the american taxpayer. >> i was mentioning that i've been in the u.s. they're running these ad campaigns which say they've used a series of aig workers and say tha
. they did show it last night, back up it's not here on the stand. it comes to the united states and goes on sales worldwide in september. also, general motors taking the wraps off the newest generation of the corvette. and they brought back the sting ray name. it has a lot of features similar to the sting ray back in 1963. a huge crowd for that reveal. that will be going on sale later this year. finally, you've been talking about volkswagen. the chairman came last last night and he made news saying that for the first time, it has passed 9 million vehicles in global sales last year, me three behind toyota and gm but closing the gap with gm because gm is at about 9.4. they're about 300,000 behind where gm is. and he with all know their goal, to be number one by 2018. >> it's an amazing performance by vw. are the automakers going to say western europe is a bit of a disaster? >> you know, we had a chance i think to talk to steve gerski who is with general motors. he is on the board and in charge of restructuring the opal division. he says he's starting to see cautious signs of optimism in di
electronics giant agreed to sell the unit to japan's ny electronics for 2 million. earlier he was asked about the company's strategy for growth. >> i'm confident that the accelerate program is making philips a more agile and entrepreneurial company where we are able to reposition us to growth markets. to growth markets like china, southeast asia grew by more than 10% in the fourth quarter. compensating for the -- the negative growth in europe which still is in a recessionary state. >> yes. so what do you think of -- what do you make of what they're doing? >> well, i haven't looked at philips for 10 or 20 years. >> and the reason for that? >> the reason for that is when i look at individual stocks, i tend to focus on the uk. >> you're not worried about what the big condmrom rats are doing. >> well, i look at stocks from the big index and the investment index. samsung being 25% to 30% of career stock market has a big impact or, you know, the four or five stocks in russia. but obviously, philips is tiny on the european market. >> so what do you think of samsung? >> the worrying fine is whether t
Search Results 0 to 19 of about 20